Further Instalments Clause Samples
The 'Further Instalments' clause sets out the terms under which additional payments are to be made after an initial payment or deposit. Typically, it details the schedule, amounts, and conditions for each subsequent instalment, such as linking payments to project milestones or delivery dates. This clause ensures both parties have a clear understanding of the payment timeline, reducing the risk of disputes and helping to manage cash flow throughout the duration of the contract.
Further Instalments. 6.2.1. At any time after the date which is no earlier than three months after Start on Site of the Affordable Housing Units is reached, and every three months thereafter up to Practical Completion, the Grant Recipient may apply to the Council for payment of Instalments of the Grant. In submitting an application pursuant to this Clause 6.2 the Grant Recipient is deemed to represent and warrant to the Council that:
i. The building contractor has been appointed and has commenced works on site;
ii. All certifications and confirmations made by the Grant Recipient under this Agreement in relation to the Affordable Housing Project are correct in all material respects; and
iii. The Grant Recipient has obtained all Consents necessary for the lawful development of the Affordable Housing Units;
Further Instalments. (a) The Seller shall be entitled to request payments from the Company (either from the relevant Collection Accounts or other applicable accounts) not more than once a week in an amount (a FURTHER INSTALMENT) not exceeding the amount equal to the Purchase Base less the Company's Investment.
(b) The Reserves shall not be recalculated between Remittance Dates for the purposes of determining the entitlement of the Seller to Further Instalments.
(c) The Seller may only request a Further Instalment if:
(i) the conditions precedent in clause 6.2 are satisfied; and
(ii) it has given to the Agent a FURTHER NOTICE in the form of Annexure C and satisfied the Agent it is entitled to request the Further Instalment.
(d) Subject to clause 2.3(c),
(i) NZ Collections can be paid to the NZ Approved Originator on account for the Seller, up to the amount of the Outstanding Balance of NZ Receivables that have been originated since the immediately preceding Instalment or Further Instalment was paid; and
(ii) Collections in Dollars can be paid to the Australian Approved Originator or the Seller, up to the amount of the Outstanding Balance of Australian Receivables that have been originated since the immediately preceding Instalment or Further Instalment was paid.
Further Instalments. At any time after the date which is no earlier than three months after Start on Site of the Affordable Housing Units is reached, and every three months thereafter up to Practical Completion, the Grant Recipient may apply to the Council for payment of Instalments of the Grant. In submitting an application pursuant to this Clause 6.2 the Grant Recipient is deemed to represent and warrant to the Council that: The building contractor has been appointed and has commenced works on site; All certifications and confirmations made by the Grant Recipient under this Agreement in relation to the Affordable Housing Project are correct in all material respects; and The Grant Recipient has obtained all Consents necessary for the lawful development of the Affordable Housing Units; At any time after the date which is no earlier than 5 Business Days after the Affordable Housing Units are ready for occupation, the Grant Recipient may apply to the Council for payment of the Final Instalment of the Grant. In submitting an application pursuant to this Clause 6.2 the Grant Recipient is deemed to represent and warrant to the Council that: the Affordable Housing Units have been procured and completed in accordance with the requirements of this Agreement and meets the Agreed Purposes and is fully Fitted Out and ready for use; all certifications and confirmations made by the Grant Recipient under this Agreement in relation to the Affordable Housing Units are correct in all material respects; the Grant Recipient has delivered an executed Nominations Agreement and provided the Council with its irrevocable authority to complete the same following execution by the Council; and the Grant Recipient has obtained all Consents necessary for the lawful occupation of the Affordable Housing Units.